Bitcoin is here to stay ✅
3 crypto lessons for 2023 inside
GM 🔆
Happy festive season! ❄️
What a year it has been, right? We’ll use this intro to thank you for being a reader. 🗞
Web3 is new, and it’s never too late to start; we have some exciting things coming for you next year. So if you want to learn, or know someone who does, let’s spread the word for the love of Web3. 💙
Here’s what we have for you today:
Quick Numbers and News
3 Lessons from crypto
Job opportunities in Web3
Estimated reading time: 03:10 mins
Weekly Wrap: Numbers & News 🗞
Quick Web3 updates curated for you:
Next Financial Crisis Will Be From Crypto if It's Not Banned: Indian Central Bank Governor
Bitcoin Miner Core Scientific Files for Bankruptcy; Paxful Removes ETH From Platform
Sam Bankman-Fried is one step closer to US extradition
Ankr staking says ex-employee caused $5M exploit, vows to improve security
ApeCoin DAO is on the brink of terminating its relationship with the firm handling its administration.
What crypto taught us in 2022?
As we move on to 2023, everyone is a little perplexed about the state of the crypto industry. It’s obvious as the impact of the FTX collapse is still very evident to some, and the fluctuating prices have left a bitter taste in the mouths of many.
Let’s see what happened this year to determine where we are headed. And when your family and friends, who you might’ve asked to invest at the peak, ask you what’s up? You can tell them this, hey, we’re good. 😉
🁠 The first domino
Inflation rate hikes from the US Federation Reserve and the unfortunate war between Russia and Ukraine triggered the market's downfall. And the following two events sealed the deal for many this year.
These external factors, plus unchecked processes, took down Terra, the $40 billion ecosystem. And it knocked off several players with it, mainly the lenders, including the giants Three Arrows Capital and Celsius.
FTX bailed many players during this tide, like BlockFi, only to be exposed brutally a quarter later. Sam Bankman-Fried was unveiled as a fraud who stole customers’ funds and was eventually arrested, charged and then bailed against $250 million.
💡 Lesson: Do not let the bull market allow you to make unchecked decisions and get involved in everyone’s ecosystem.
🪙 The core stays
While some may see the downfall of the giants as the end of trust in the crypto ecosystem, veterans will tell you that the industry has seen much worse and has always bounced back. Bitcoin has seen this multiple times over the past decade and yet has come up on top.
That’s why many early crypto folks often advocate for HODLing BTC and self-custody wallets.
💡 Lesson: Every coin might feel lucrative in the bull run, but BTC is here to stay. DYOR before investing.
Now to an absurd one…
🤐 Money attracts weirdos
Back in 2016, popular cryptocurrency exchange Bitfinex suffered a major security breach that saw attackers steal 119,756 Bitcoin (~ $72 million at the time).
In 2022, Heather Morgan, a comedic rapper known as “Razzlekhan,” and her husband, Ilya Lichtenstein, were arrested by the FBI for the connection. The weirder part? one of Heather’s songs mentions that it is dedicated to “the entrepreneurs and hackers, all the misfits and smart slackers.”
The pair are being charged with laundering the stolen funds. Don’t worry about the details, Netflix and Hulu are already on it.
💡 Lesson: The next year can get even weirder.
Wrapping up…
Regardless of the mistrust and greed, the core technology of decentralization is here to stay. 2023 could see a new wave of crypto reforms, but with more aware users.
Where do you think crypto is headed in 2023? 👀
Celo is on a mission to build a global financial system that promotes prosperity for all. Their platform makes sending money as easy as sending a text message, accessible to anyone with internet access. By using a decentralized address-based identity layer, Celo allows users to link their phone numbers to their wallet addresses. Additionally, mobile users have the opportunity to earn rewards for participating in the maintenance and security of the system.
Learn more about the Celo ecosystem 👉 HERE 👈
Work in Web3 👩💻
Here’s a curated list of jobs in web3 👇
That’s a wrap for This Week in Web3; see you NEXT YEAR! 🚀
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